The deal is set to make Yapily the largest open banking payments platform in Europe
Yapily to acquire finAPI, creating Europe’s leading open banking platform. Source: yapily.com
Yapily has signed an agreement with SCHUFA to acquire finAPI, the leading provider of open banking solutions in Germany.
Over the last 12 months, the fintechs have enabled customers to process a combined total of $39.5 billion in payment volumes and connect to more than 1 million monthly active data users.
The acquisition will double Yapily’s customer base, adding well-established finAPI customers to its roster, including over 50 large enterprise firms in the financial, insurance, and IT industries.
As a result of the acquisition, Yapily will have a clear leadership position in two of Europe’s largest markets: the UK and Germany.
In addition to its existing coverage of 16 European countries, Yapily will enter new territories including the Czech Republic, Slovakia, and Hungary, broadening its geographic footprint and accelerating the roll-out of open banking to millions of people and businesses across Europe.
finAPI customers will benefit from new opportunities for business growth, gaining access to pan-European markets through greater coverage and resources.
The combined offering will also bring a number of finAPI solutions to the table for new and existing Yapily customers, including Identity and Age Verification and legally compliant KYC checks, and Digital Account Checks that can be used for automated credit scoring.
SCHUFA, Germany’s leading credit bureau, will continue to cooperate with finAPI, both in the use of products and services as well as further product development.
The deal is subject to regulatory approvals and is expected to complete in H2 2022.
For now, finAPI will continue to function as an independent, regulated company in Germany. SCHUFA Holding AG will sell its 75% participation in finAPI to Yapily.
Following the transaction, finAPI and SCHUFA will continue to play a role in the future of the unified entity.
We’ve reported that Visa and Solarisbank partner with fintech FINOM to launch Italy’s first business banking accounts with integrated e-voicing.
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